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UMECO PLC (UMC)

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Tuesday 26 June, 2001

UMECO PLC

Result of Rights Issue

UMECO PLC
26 June 2001


26 June 2001


                             UMECO plc ('UMECO')


                            RESULT OF RIGHTS ISSUE


On 1 June 2001, UMECO announced a 1 for 4 Rights Issue of up to 4,857,743 New
Ordinary Shares, at 555p per share.


The Rights Issue raised approximately £25.9 million (net of expenses).  As
announced on 1 June 2001, these proceeds will be used to finance the
consideration of the U.S.$22.0 million (approximately £15.5 million)
acquisition of ABSCOA Industries Inc., a leading North American provider of
inventory management and fastener distribution programmes.  The balance will
be used to eliminate some of UMECO's existing short-term borrowings.  The
acquisition of ABSCOA represents a significant step towards realising UMECO's
strategic goal of becoming a leading global provider of value-added
distribution services to the aerospace and defence industries.


The latest time and date for acceptance and payment in full under the terms of
the Rights Issue was 3.00pm on 22 June 2001.  At the time of the announcement,
UMECO had received irrevocable undertakings from certain Directors and their
connected parties to take up their rights to subscribe for 11,131 New Ordinary
Shares.  These New Ordinary Shares have now been subscribed for in full.


The Board of UMECO announces that, in total, valid applications have been
received in respect of 3,982,165 New Ordinary Shares, representing
approximately 81.98 per cent of the New Ordinary Shares being issued pursuant
to the Rights Issue.


It has not been possible to procure subscribers for those New Ordinary Shares
for which valid acceptances were not received at a price (net of expenses) in
excess of the Rights Issue price. Accordingly, the sub-underwriters will be
required to subscribe at the Rights Issue price of 555 pence per share for the
balance, excluding fractional entitlements, of 875,285 New Ordinary Shares for
which valid acceptances were not received.  There are no net proceeds which
fall to be distributed to the Qualifying Shareholders who did not take up
their entitlements in accordance with the terms of the Rights Issue.



Dealings in the New Ordinary Shares commenced, fully paid, at 8.00 am on 25
June 2001.  It is expected that definitive share certificates in respect of
the New Ordinary Shares will be dispatched by first class post by 2 July 2001.



Terms defined in the Company's prospectus dated 1 June 2001 shall, unless the
context requires otherwise, have the same meanings in this announcement.


                                   - Ends -


Enquiries:


UMECO plc
Clive Snowdon / John Beaumont                         01926 331 800

Credit Suisse First Boston
Richard Crawley / Ed Matthews                         020 7888 8888

Hogarth Partnership
John Olsen / Rachel Hirst                            020 7357 9477



This announcement is issued by UMECO plc and the Directors of UMECO plc are
the persons responsible for the information contained in this announcement.
Credit Suisse First Boston (Europe) Limited, which is regulated by The
Securities and Futures Authority Limited, has approved this announcement for
the purposes of Section 57 of the Financial Services Act 1986.  Credit Suisse
First Boston (Europe) Limited is acting exclusively for UMECO plc and for
no-one else in relation to the Rights Issue and will not be responsible to any
other person for providing the protections afforded to its customers or for
providing advice in relation to the Rights Issue.  The contents of this press
announcement do not constitute an offer or invitation to acquire shares in
UMECO plc and are not for distribution in the United States of America,
Canada, Australia or the Republic of Ireland.